Billing & AR
Definition
The progress billing request a contractor submits to the owner, typically on the AIA G702 application form with a G703 continuation sheet listing progress by line item.
The G702 summarizes the contract sum, change orders, work completed, retainage, and the current payment due. The G703 breaks that down by each line of the schedule of values.
A breakdown of the contract sum into line items, each with a value, used as the basis for progress billing.
A percentage of each progress payment, commonly 5% to 10%, that the owner or GC holds back until the job or a phase is substantially complete.
A document in which a contractor, sub, or supplier gives up some or all of its lien rights in exchange for payment.
Software
We compared the construction accounting platforms contractors ask us about most, from QuickBooks setups to full ERPs, on job costing, WIP, and fit by company size.
Cash Flow
Profitable contractors still run out of cash. A week-by-week forecast built from pay apps, retainage, and payroll shows the crunch before it hits.
Billing & AR
Retainage can lock up 5% to 10% of every contract for months. How to track receivable and payable retainage and get it released faster.
Done-for-you construction finance
BuildFlash runs your monthly finance on top of the software you already use, with a fractional CFO reviewing the numbers with you.